Where cozy means tiny and charming means needs work.
The discriminatory practice of denying services (especially loans) to residents of certain areas based on racial or ethnic composition. The shameful legacy that shaped American cities and whose effects persist decades after being outlawed.
A legally binding promise or restriction in a deed governing how property can be used, often imposed by developers to maintain neighborhood character. It's your neighbor's legal standing to care way too much about your fence height.
A property valuation method based on the income stream it generates, using capitalization rates to convert annual income into present value. It's how commercial properties are valued, where buildings are essentially money-printing machines worth whatever those dollars command.
Additional rent paid by retail tenants based on a percentage of their gross sales above a threshold, common in shopping centers. It's the landlord's way of ensuring they profit from your business success while you bear all the risk.
The home where you live most of the year, receiving favorable tax treatment including capital gains exclusions and mortgage interest deductions. The IRS cares deeply about distinguishing this from your 'vacation home' to prevent creative accounting.
The total acquisition cost of a multifamily property divided by the number of rental units, providing a quick metric for comparing deals. It's how apartment investors reduce complex investments to a single number they can text each other.
The accelerated property deterioration and landlord exhaustion resulting from high-maintenance tenants, frequent turnovers, or challenging neighborhoods. It's the reason experienced landlords develop that thousand-yard stare.
In construction and real estate, the detailed process of measuring and quantifying all materials needed for a project from blueprints, basically turning drawings into shopping lists. Also known as "quantity takeoff," it's the unglamorous math that prevents contractors from discovering mid-project that they're three truckloads of concrete short. Get it wrong, and someone's explaining cost overruns to very angry people.
A provision allowing an owner to sell individual parcels from a larger mortgaged property, common in land development. It's how developers avoid having all their eggs in one very large, very financed basket.
A lease that gives the tenant the right to sublease the property to others, essentially making them a middleman landlord. It's landlording with training wheels, or a profit opportunity, depending on your perspective and local laws.
A financial forecast showing what a property could theoretically earn under perfect conditions with perfect tenants in a perfect world. The real estate equivalent of a dating profile.
Written proof that down payment money from family is a gift, not a loan, satisfying lenders' paranoia about hidden debts. The documented promise that Mom won't ask for it back.
When your property legally violates current zoning laws because it was built before those laws existed, making it technically illegal but protected by grandfather rights. It's your commercial building in a residential zone that everyone tolerates until you try to expand.
A form of property ownership where two or more parties hold equal, undivided interest with right of survivorship, meaning the property automatically transfers to surviving owners upon one's death. It's estate planning that bypasses probate court, assuming everyone stays friendly.
The actual square footage tenants can occupy and must pay for, excluding common areas, mechanical rooms, and structural elements. It's why your 'thousand square foot' office feels like eight hundred.
A legal provision that protects a portion of a home's value from creditors and property taxes. Because even the government agrees you shouldn't be completely homeless.
The loan amount as a percentage of property value, essentially how much risk the lender is taking on your deal.
Partial ownership or time-sharing of an expensive asset (real estate, jets, yachts) without the full price tag or commitment. For people who want the luxury experience but want to hedge their bets. It's basically 'I don't want to fully commit to this $20 million decision.'
Buying a property exactly as it is without repairs—the seller's way of saying 'don't say I didn't warn you.'
When one agent represents both buyer and seller in the same transaction, creating a conflict of interest wrapped in a commission opportunity. It's like having the same lawyer represent both parties in a divorce.
A deed conveying property with implied warranties that the grantor owns the property and hasn't already sold it to someone else. The 'I'm pretty sure this is mine to sell' document.
Property tax rate expressed in mills, where one mill equals one-tenth of one cent ($0.001). Because saying 'point zero zero one dollars' is apparently too straightforward for local governments.
A tenant's right to use rental property without interference from the landlord or other parties. Not about noise levels—it's about being left alone to live your life between rent payments.
Funds set aside for replacing building components and systems that wear out over time, essential for multifamily and commercial property management. The 'we know the roof will eventually die' savings account.